Identify which of the following statements is true.

Question

Quizplus · Accepted Answer

Joint and several liability means that both spouses are responsible for the full amount of tax due, even if one spouse had no income or the income was earned by only one spouse. Option A is false because both spouses are equally responsible for paying any tax due on a joint return. Option C is false because the statute of limitations is extended only if the taxpayer omits more than 25% of their income on their tax return, in which case the IRS has six years to assess additional taxes.

Identify Which of the Following Statements Is True